Capital flows to developing countries appear to be at the end of a second 10-year cycle of expansion and contraction: the first beginning in the early 1970s and ending with the debt crisis, and the second beginning in the early 1990s and ending with the recent slowdown, according to a recent study carried out by the United Nations Conference on Trade and Development (UNCTAD).8 From 1974 to 1981 cumulative net inflows to emerging markets in constant dollars amounted to $1.155 billion compared to $1.243 billion between 1992 and 2001.
De 1974 a 1981 el total de las entradas netas a los mercados emergentes en dólares constantes ascendió a 1.155 millones de dólares, mientras que en el período comprendido entre 1992 y 2001 sumó 1.243 millones.